Coventry building society withdrawals on restricted account

shap101

Looking to open a coventry building society account at 4%  and use the full 85k but a question about the withdrawals.

If they only allow 4 transaction with a maximum of 20k in withdrawals does that mean I wont be able to withdraw the full amount without incurring a fee as it will take 5 transfer to get the full amount out?


I can put 80k in but just wondering if there was a way to get around it  - Just in case there is another bank which offers more interest in say a month . 

thanks

[Deleted User]

Hi,

had a look at T&Cs, don't see a 20K limit for withdrawals.

soulsaver

' The maximum you can transfer to your Named Bank Account each day is £50,000'

saving-accounts-terms-and-conditions.pdf (coventrybuildingsociety.co.uk)

4justice2

You can normally withdraw £50000 a day online to your nominated account,  any more and you will need to phone them. The £20000 only applies if you want to withdraw to an account which isn't your nominated one.

Bridlington1

It may also be of use to know that Coventry class the monthly and annual interest versions of the account as 2 separate accounts, thus you can have both the 4 access saver with monthly interest and the 4 access saver with annual interest simultaneously which in effect gives you some extra withdrawals.

where_are_we

4justice2 said:

You can normally withdraw £50000 a day online to your nominated account any more and you will need to phone them. The £20000 only applies if you want to withdraw to an account which isn't your nominated one.

Remember that withdrawals take a day.

shap101

Thanks for clearing that up , will get an account opened. 

pokemaster

Bridlington1 said:

It may also be of use to know that Coventry class the monthly and annual interest versions of the account as 2 separate accounts, thus you can have both the 4 access saver with monthly interest and the 4 access saver with annual interest simultaneously which in effect gives you some extra withdrawals.

"This account is a limited issue, so we may stop accepting applications at any time. You can only have one Four Access Saver (Online) at a time."

what about where it says this on their apply page?

oz0707

I've got the previous limited access paying 3.6 I think it's NLA and upto now has been pretty good at maintaining a healthy rate. Would my account be going up also or is it best to switch?

wiseonesomeofthetime

oz0707 said:

I've got the previous limited access paying 3.6 I think it's NLA and upto now has been pretty good at maintaining a healthy rate. Would my account be going up also or is it best to switch?

I have the Coventry BS six access limited saver, to which I believe you refer, too.

The last increase was 1 June 2023, when it rose in accordance with the BoE rise of 0.25%, from 3.35% to the 3.60% you mention in your post.

I have received no communication yet from Coventry BS about any further increase, however, I would suspect that, if the BoE base rate rises the expected 0.25%, our six access saver may rise, but to probably no more than 3.85%

The four access account deserves a premium over our six access, in my opinion, to reflect the fewer opportunities for penalty-free withdrawals. 

grumbler

To make your life easier open an extra easy-access account at the same Coventry (2.8% currently, but this doesn't matter).